FORM |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class: | Name of exchange on which registered: | Trading symbol: | ||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | |||||
(Dollars in thousands, except per share amounts) | September 30, 2020 | December 31, 2019 | |||||||||
Assets | |||||||||||
Real estate investments | |||||||||||
Land | $ | $ | |||||||||
Buildings and equipment | |||||||||||
Construction in progress | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Cash and cash equivalents | |||||||||||
Accounts receivable and accrued income, net | |||||||||||
Deferred leasing costs, net | |||||||||||
Prepaid expenses, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Notes payable | $ | $ | |||||||||
Term loan facility payable | |||||||||||
Revolving credit facility payable | |||||||||||
Construction loan payable | |||||||||||
Dividends and distributions payable | |||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Deferred income | |||||||||||
Total liabilities | |||||||||||
Equity | |||||||||||
Preferred stock, | |||||||||||
Series D Cumulative Redeemable, | |||||||||||
Series E Cumulative Redeemable, | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Distributions in excess of accumulated earnings | ( | ( | |||||||||
Total Saul Centers, Inc. equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
(Dollars in thousands, except per share amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | |||||||||||||||||||||||
Rental revenue | $ | $ | $ | $ | |||||||||||||||||||
Other | |||||||||||||||||||||||
Total revenue | |||||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Property operating expenses | |||||||||||||||||||||||
Real estate taxes | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | |||||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Saul Centers, Inc. | |||||||||||||||||||||||
Preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Per share net income available to common stockholders | |||||||||||||||||||||||
Basic and diluted | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | ( | ||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive income attributable to Saul Centers, Inc. | |||||||||||||||||||||||
Preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive income available to common stockholders | $ | $ | $ | $ |
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series E, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series E, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | ( | ||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series E, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Series C, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Series C, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||
Issuance of | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||
Series C, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Series E, $ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | ( | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
Nine months ended September 30, | |||||||||||
(Dollars in thousands) | 2020 | 2019 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of deferred leasing costs | |||||||||||
Amortization of deferred debt costs | |||||||||||
Compensation costs of stock grants and options | |||||||||||
Credit losses on operating lease receivables | |||||||||||
Increase in accounts receivable and accrued income | ( | ( | |||||||||
Additions to deferred leasing costs | ( | ( | |||||||||
Increase in prepaid expenses | ( | ( | |||||||||
(Increase) decrease in other assets | ( | ||||||||||
Increase in accounts payable, accrued expenses and other liabilities | |||||||||||
Decrease in deferred income | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate investments | ( | ( | |||||||||
Additions to development and redevelopment projects | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from notes payable | |||||||||||
Repayments on notes payable | ( | ( | |||||||||
Proceeds from revolving credit facility | |||||||||||
Repayments on revolving credit facility | ( | ( | |||||||||
Proceeds from construction loan | |||||||||||
Additions to deferred debt costs | ( | ( | |||||||||
Proceeds from the issuance of: | |||||||||||
Common stock | |||||||||||
Partnership units | |||||||||||
Series E preferred stock | |||||||||||
Distributions to: | |||||||||||
Series C preferred stockholders | ( | ||||||||||
Series D preferred stockholders | ( | ( | |||||||||
Series E preferred stockholders | ( | ||||||||||
Common stockholders | ( | ( | |||||||||
Noncontrolling interests | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash and cash equivalents | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Increase (decrease) in accrued real estate investments and development costs | $ | ( | $ | ||||||||
(In thousands) | September 30, 2020 | December 31, 2019 | |||||||||
Rents currently due | $ | $ | |||||||||
Deferred rents | |||||||||||
Straight-line rent | |||||||||||
Other receivables | |||||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Total | $ | $ |
(In thousands) | September 30, 2020 | December 31, 2019 | ||||||||||||
The Waycroft | $ | $ | ||||||||||||
7316 Wisconsin Avenue | ||||||||||||||
Ashbrook Marketplace | ||||||||||||||
Other | ||||||||||||||
Total | $ |
(In thousands) | Balloon Payments | Scheduled Principal Amortization | Total | ||||||||||||||
October 1 through December 31, 2020 | $ | $ | $ | ||||||||||||||
2021 | |||||||||||||||||
2022 | (a) | ||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
2025 | |||||||||||||||||
Thereafter | |||||||||||||||||
Principal amount | $ | $ | |||||||||||||||
Unamortized deferred debt costs | |||||||||||||||||
Net | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Interest incurred | $ | $ | $ | $ | |||||||||||||||||||
Amortization of deferred debt costs | |||||||||||||||||||||||
Capitalized interest | ( | ( | ( | ( | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Less: Interest income | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Weighted average common stock outstanding-Basic | |||||||||||||||||||||||
Effect of dilutive options | |||||||||||||||||||||||
Weighted average common stock outstanding-Diluted | |||||||||||||||||||||||
Non-dilutive options | |||||||||||||||||||||||
Years non-dilutive options were issued | 2011 through 2020 | 2016, 2017 and 2019 | 2014 through 2020 | 2016, 2017 and 2019 | |||||||||||||||||||
Directors | Officers | ||||||||||||||||
Grant date | May 3, 2019 | April 24, 2020 | May 3, 2019 | April 24, 2020 | |||||||||||||
Exercise price | $ | $ | $ | $ | |||||||||||||
Volatility | |||||||||||||||||
Expected life (years) | |||||||||||||||||
Assumed yield | % | % | % | % | |||||||||||||
Risk-free rate | % | % | % | % |
Number of Shares | Weighted Average Exercise Price per share | Aggregate Intrinsic Value | ||||||||||||||||||
Outstanding at January 1 | $ | $ | ||||||||||||||||||
Granted | ||||||||||||||||||||
Exercised | ( | |||||||||||||||||||
Expired/Forfeited | ( | |||||||||||||||||||
Outstanding at September 30 | ||||||||||||||||||||
Exercisable at September 30 |
(In thousands) | Shopping Centers | Mixed-Use Properties | Corporate and Other | Consolidated Totals | |||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Real estate rental operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Expenses | ( | ( | ( | ||||||||||||||||||||
Income from real estate | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | ( | ( | |||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | ( | ( | ( | ||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Capital investment | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||
Real estate rental operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Expenses | ( | ( | ( | ||||||||||||||||||||
Income from real estate | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | ( | ( | |||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | ( | ( | ( | ||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Capital investment | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
(In thousands) | Shopping Centers | Mixed-Use Properties | Corporate and Other | Consolidated Totals | |||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||
Real estate rental operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Expenses | ( | ( | ( | ||||||||||||||||||||
Income from real estate | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | ( | ( | |||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | ( | ( | ( | ||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Capital investment | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||
Real estate rental operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Expenses | ( | ( | ( | ||||||||||||||||||||
Income from real estate | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | ( | ( | |||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | ( | ( | ( | ||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Capital investment | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
(In thousands) | Original Rent Due By Quarter (prior to deferral) | (In thousands) | Repayment Year (after deferral) | |||||||||||
2020 First Quarter | $ | 53 | 2020 | $ | 328 | |||||||||
2020 Second Quarter | 5,810 | 2021 | 5,259 | |||||||||||
2020 Third Quarter | 1,101 | 2022 | 1,116 | |||||||||||
2020 Fourth Quarter | 90 | 2023 | 215 | |||||||||||
Total | $ | 7,054 | 2024 | 101 | ||||||||||
2025 | 18 | |||||||||||||
Thereafter | 17 | |||||||||||||
Total | $ | 7,054 |
Nine months ended September 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Base rent | $ | 19.80 | $ | 20.15 | $ | 20.13 | $ | 19.30 | $ | 18.67 | ||||||||||||||||||||||
Effective rent | $ | 18.09 | $ | 18.27 | $ | 18.25 | $ | 17.49 | $ | 16.87 | ||||||||||||||||||||||
Three months ended September 30, | 2019 to 2020 Change | |||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Amount | Percent | ||||||||||||||||||||||
Base rent | $ | 48,268 | $ | 46,250 | $ | 2,018 | 4.4 | % | ||||||||||||||||||
Expense recoveries | 8,973 | 9,159 | (186) | (2.0) | % | |||||||||||||||||||||
Percentage rent | 60 | 147 | (87) | (59.2) | % | |||||||||||||||||||||
Other property revenue | 309 | 362 | (53) | (14.6) | % | |||||||||||||||||||||
Credit losses on operating lease receivables | (1,861) | (431) | (1,430) | 331.8 | % | |||||||||||||||||||||
Rental revenue | 55,749 | 55,487 | 262 | 0.5 | % | |||||||||||||||||||||
Other revenue | 1,011 | 1,565 | (554) | (35.4) | % | |||||||||||||||||||||
Total revenue | $ | 56,760 | $ | 57,052 | $ | (292) | (0.5) | % |
Three months ended September 30, | 2019 to 2020 Change | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Amount | Percent | |||||||||||||||||||
Property operating expenses | $ | 7,416 | $ | 7,525 | $ | (109) | (1.4) | % | |||||||||||||||
Real estate taxes | 7,523 | 7,114 | 409 | 5.7 | % | ||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | 12,398 | 10,325 | 2,073 | 20.1 | % | ||||||||||||||||||
Depreciation and amortization of deferred leasing costs | 13,713 | 12,018 | 1,695 | 14.1 | % | ||||||||||||||||||
General and administrative | 4,107 | 4,742 | (635) | (13.4) | % | ||||||||||||||||||
Total expenses | $ | 45,157 | $ | 41,724 | $ | 3,433 | 8.2 | % |
Nine Months Ended September 30, | 2019 to 2020 Change | |||||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Amount | Percent | ||||||||||||||||||||||
Base rent | $ | 140,120 | $ | 139,735 | $ | 385 | 0.3 | % | ||||||||||||||||||
Expense recoveries | 25,775 | 27,647 | (1,872) | (6.8) | % | |||||||||||||||||||||
Percentage rent | 496 | 760 | (264) | (34.7) | % | |||||||||||||||||||||
Other property revenue | 938 | 1,087 | (149) | (13.7) | % | |||||||||||||||||||||
Credit losses on operating lease receivables | (4,162) | (987) | (3,175) | 321.7 | % | |||||||||||||||||||||
Rental revenue | 163,167 | 168,242 | (5,075) | (3.0) | % | |||||||||||||||||||||
Other revenue | 3,756 | 6,701 | (2,945) | (43.9) | % | |||||||||||||||||||||
Total revenue | $ | 166,923 | $ | 174,943 | $ | (8,020) | (4.6) | % |
Nine Months Ended September 30, | 2019 to 2020 Change | ||||||||||||||||||||||
(Dollars in thousands) | 2020 | 2019 | Amount | Percent | |||||||||||||||||||
Property operating expenses | $ | 20,862 | $ | 22,641 | $ | (1,779) | (7.9) | % | |||||||||||||||
Real estate taxes | 22,027 | 21,081 | 946 | 4.5 | % | ||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | 34,011 | 32,185 | 1,826 | 5.7 | % | ||||||||||||||||||
Depreciation and amortization of deferred leasing costs | 37,593 | 35,185 | 2,408 | 6.8 | % | ||||||||||||||||||
General and administrative | 13,790 | 14,696 | (906) | (6.2) | % | ||||||||||||||||||
Total expenses | $ | 128,283 | $ | 125,788 | $ | 2,495 | 2.0 | % |
(in thousands) | Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Total revenue | $ | 56,760 | $ | 57,052 | $ | 166,923 | $ | 174,943 | ||||||||||||||||||
Less: Acquisitions, dispositions and development properties | (2,461) | (72) | (3,161) | (1,155) | ||||||||||||||||||||||
Total same property revenue | $ | 54,299 | $ | 56,980 | $ | 163,762 | $ | 173,788 | ||||||||||||||||||
Shopping Centers | $ | 39,727 | $ | 41,313 | $ | 119,226 | $ | 126,730 | ||||||||||||||||||
Mixed-Use properties | 14,572 | 15,667 | 44,536 | 47,058 | ||||||||||||||||||||||
Total same property revenue | $ | 54,299 | $ | 56,980 | $ | 163,762 | $ | 173,788 | ||||||||||||||||||
Total Shopping Center revenue | $ | 40,336 | $ | 41,313 | $ | 120,236 | $ | 126,730 | ||||||||||||||||||
Less: Shopping Center acquisitions, dispositions and development properties | (609) | — | (1,010) | — | ||||||||||||||||||||||
Total same Shopping Center revenue | $ | 39,727 | $ | 41,313 | $ | 119,226 | $ | 126,730 | ||||||||||||||||||
Total Mixed-Use property revenue | $ | 16,424 | $ | 15,739 | $ | 46,687 | $ | 48,213 | ||||||||||||||||||
Less: Mixed-Use acquisitions, dispositions and development properties | (1,852) | (72) | (2,151) | (1,155) | ||||||||||||||||||||||
Total same Mixed-Use revenue | $ | 14,572 | $ | 15,667 | $ | 44,536 | $ | 47,058 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(In thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net income | $ | 11,603 | $ | 15,328 | $ | 38,640 | $ | 49,155 | ||||||||||||||||||
Add: Interest expense, net and amortization of deferred debt costs | 12,398 | 10,325 | 34,011 | 32,185 | ||||||||||||||||||||||
Add: Depreciation and amortization of deferred leasing costs | 13,713 | 12,018 | 37,593 | 35,185 | ||||||||||||||||||||||
Add: General and administrative | 4,107 | 4,742 | 13,790 | 14,696 | ||||||||||||||||||||||
Property operating income | 41,821 | 42,413 | 124,034 | 131,221 | ||||||||||||||||||||||
Add (Less): Acquisitions, dispositions and development properties | (1,159) | 97 | (901) | (519) | ||||||||||||||||||||||
Total same property operating income | $ | 40,662 | $ | 42,510 | $ | 123,133 | $ | 130,702 | ||||||||||||||||||
Shopping Centers | $ | 31,059 | $ | 32,339 | $ | 93,365 | $ | 99,516 | ||||||||||||||||||
Mixed-Use properties | 9,603 | 10,171 | 29,768 | 31,186 | ||||||||||||||||||||||
Total same property operating income | $ | 40,662 | $ | 42,510 | $ | 123,133 | $ | 130,702 | ||||||||||||||||||
Shopping Center operating income | $ | 31,581 | $ | 32,339 | $ | 94,195 | $ | 99,516 | ||||||||||||||||||
Less: Shopping Center acquisitions, dispositions and development properties | (522) | — | (830) | — | ||||||||||||||||||||||
Total same Shopping Center operating income | $ | 31,059 | $ | 32,339 | $ | 93,365 | $ | 99,516 | ||||||||||||||||||
Mixed-Use property operating income | $ | 10,240 | $ | 10,074 | $ | 29,839 | $ | 31,705 | ||||||||||||||||||
Add (Less): Mixed-Use acquisitions, dispositions and development properties | (637) | 97 | (71) | (519) | ||||||||||||||||||||||
Total same Mixed-Use property operating income | $ | 9,603 | 10,171 | $ | 29,768 | $ | 31,186 |
Nine Months Ended September 30, | |||||||||||
(In thousands) | 2020 | 2019 | |||||||||
Net cash provided by operating activities | $ | 56,770 | $ | 82,098 | |||||||
Net cash used in investing activities | (48,363) | (105,055) | |||||||||
Net cash provided by financing activities | 31,993 | 60,648 | |||||||||
Increase in cash and cash equivalents | $ | 40,400 | $ | 37,691 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net income | $ | 11,603 | $ | 15,328 | $ | 38,640 | $ | 49,155 | |||||||||||||||
Add: | |||||||||||||||||||||||
Real estate depreciation and amortization | 13,713 | 12,018 | 37,593 | 35,185 | |||||||||||||||||||
FFO | 25,316 | 27,346 | 76,233 | 84,340 | |||||||||||||||||||
Subtract: | |||||||||||||||||||||||
Preferred stock dividends | (2,798) | (3,210) | (8,394) | (9,116) | |||||||||||||||||||
FFO available to common stockholders and noncontrolling interests | $ | 22,518 | $ | 24,136 | $ | 67,839 | $ | 75,224 | |||||||||||||||
Weighted average shares: | |||||||||||||||||||||||
Diluted weighted average common stock | 23,353 | 23,121 | 23,330 | 22,993 | |||||||||||||||||||
Convertible limited partnership units | 7,911 | 7,869 | 7,903 | 7,852 | |||||||||||||||||||
Average shares and units used to compute FFO per share | 31,264 | 30,990 | 31,233 | 30,845 | |||||||||||||||||||
FFO per share available to common stockholders and noncontrolling interests | $ | 0.72 | $ | 0.78 | $ | 2.17 | $ | 2.44 |
Total Properties | Total Square Footage | Percent Leased | |||||||||||||||||||||||||||||||||
Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | ||||||||||||||||||||||||||||||
September 30, 2020 | 50 | 7 | 7,876,842 | 1,136,937 | 94.5 | % | 90.3 | % | |||||||||||||||||||||||||||
September 30, 2019 | 49 | 6 | 7,760,730 | 1,076,837 | 95.2 | % | 91.9 | % |
Average Base Rent per Square Foot | ||||||||||||||||||||||||||
Three months ended September 30, | Square Feet | Number of Leases | New/Renewed Leases | Expiring Leases | ||||||||||||||||||||||
2020 | 288,059 | 66 | $ | 24.67 | $ | 25.09 | ||||||||||||||||||||
2019 | 179,919 | 54 | 23.76 | 24.17 |
New Leases | Renewed Leases | ||||||||||||||||
Number of leases | 11 | 55 | |||||||||||||||
Square feet | 23,338 | 264,721 | |||||||||||||||
Per square foot average annualized: | |||||||||||||||||
Base rent | $ | 15.41 | $ | 25.49 | |||||||||||||
Tenant improvements | (0.51) | (0.10) | |||||||||||||||
Leasing costs | (0.34) | — | |||||||||||||||
Rent concessions | (0.57) | (0.28) | |||||||||||||||
Effective rents | $ | 13.99 | $ | 25.11 | |||||||||||||
Expiring Leases: | Total | |||||||
Square feet | 379,057 | |||||||
Average base rent per square foot | $ | 24.08 | ||||||
Estimated market base rent per square foot | $ | 22.87 |
31. | ||||||||||||||
32. | ||||||||||||||
99. | (a) | |||||||||||||
101. | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2020, formatted in Extensible Business Reporting Language (“XBRL”): (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statements of equity and comprehensive income, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements. | |||||||||||||
104. | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
SAUL CENTERS, INC. (Registrant) | |||||
Date: November 5, 2020 | /s/ B. Francis Saul II | ||||
B. Francis Saul II Chairman, Chief Executive Officer and President | |||||
Date: November 5, 2020 | /s/ Scott V. Schneider | ||||
Scott V. Schneider Executive Vice President, Chief Financial Officer and Treasurer (principal financial officer) | |||||
Date: November 5, 2020 | /s/ Joel A. Friedman | ||||
Joel A. Friedman Senior Vice President, Chief Accounting Officer (principal accounting officer) |
Exhibit 99 (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of September 30, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2020 | 2019 | 2018 | 2017 | 2016 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashbrook Marketplace | Ashburn, VA | 85,572 | 2018 (2019) | 13.7 | 100 | % | N/A | N/A | N/A | N/A | Lidl, Planet Fitness, Starbucks, Dunkin Donuts, Valvoline, Cafe Rio, McAlisters Deli | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashburn Village | Ashburn, VA | 221,596 | 1994-2006 | 26.4 | 96 | % | 97 | % | 99 | % | 93 | % | 91 | % | Giant Food, Hallmark, McDonald's, Burger King, Dunkin Donuts, Kinder Care, Blue Ridge Grill | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashland Square Phase I | Dumfries, VA | 23,120 | 2007 | 2.0 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Capital One Bank, CVS Pharmacy, The All American Steakhouse | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beacon Center | Alexandria, VA | 359,671 | 1972 (1993/99/07) | 32.3 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lowe's Home Improvement Center, Giant Food, Home Goods, Outback Steakhouse, Marshalls, Party Depot, Panera Bread, TGI Fridays, Starbucks, Famous Dave's, Chipotle, Capital One Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BJ's Wholesale Club | Alexandria, VA | 115,660 | 2008 | 9.6 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | BJ's Wholesale Club | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Boca Valley Plaza | Boca Raton, FL | 121,365 | 2004 | 12.7 | 99 | % | 99 | % | 96 | % | 95 | % | 99 | % | Publix, Wells Fargo, Palm Beach Fitness, Anthony's Clothing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Boulevard | Fairfax, VA | 49,140 | 1994 (1999/09) | 5.0 | 97 | % | 100 | % | 100 | % | 100 | % | 100 | % | Panera Bread, Party City, Petco, Capital One Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Briggs Chaney MarketPlace | Silver Spring, MD | 194,258 | 2004 | 18.2 | 97 | % | 97 | % | 92 | % | 98 | % | 100 | % | Global Food, Ross Dress For Less, Advance Auto Parts, McDonald's, Dunkin Donuts, Enterprise Rent-A-Car, Dollar Tree, Dollar General, Salon Plaza | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadlands Village | Ashburn, VA | 174,438 | 2003/4/6 | 24.0 | 93 | % | 99 | % | 77 | % | 76 | % | 99 | % | Aldi Grocery, The All American Steakhouse, Bonefish Grill, Dollar Tree, Starbucks, Minnieland Day Care, Capital One Bank, LA Fitness | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Burtonsville Town Square | Burtonsville, MD | 139,928 | 2017 | 26.3 | 100 | % | 99 | % | 100 | % | 100 | % | N/A | Giant Food, Petco, Starbucks, Greene Turtle, Capital One Bank, CVS Pharmacy, Roy Rogers, Mr. Tire, Taco Bell | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Countryside Marketplace | Sterling, VA | 138,804 | 2004 | 16.0 | 95 | % | 97 | % | 95 | % | 94 | % | 94 | % | Safeway, CVS Pharmacy, Starbucks, McDonald's, 7-Eleven | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cranberry Square | Westminster, MD | 141,450 | 2011 | 18.9 | 87 | % | 96 | % | 100 | % | 100 | % | 100 | % | Giant Food, Giant Gas Station, Staples, Party City, Wendy's | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cruse MarketPlace | Cumming, GA | 78,686 | 2004 | 10.6 | 92 | % | 94 | % | 89 | % | 89 | % | 92 | % | Publix, Subway, Orange Theory, Anytime Fitness | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Flagship Center | Rockville, MD | 21,500 | 1972, 1989 | 0.5 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Chase Bank, Bank of America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
French Market | Oklahoma City, OK | 246,148 | 1974 (1984/98) | 13.8 | 97 | % | 96 | % | 96 | % | 97 | % | 98 | % | Burlington Coat Factory, Bed Bath & Beyond, Staples, Petco, The Tile Shop, Lakeshore Learning Center, Dollar Tree, Verizon, Raising Cane's | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Germantown | Germantown, MD | 18,982 | 1992 | 2.7 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | CVS Pharmacy, Jiffy Lube | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Glen | Woodbridge, VA | 136,440 | 1994 (2005) | 14.7 | 98 | % | 98 | % | 96 | % | 98 | % | 94 | % | Safeway, The All American Steakhouse, Panera Bread, Five Guys, Chipotle | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Falls Center | Great Falls, VA | 91,666 | 2008 | 11.0 | 99 | % | 98 | % | 99 | % | 100 | % | 98 | % | Safeway, CVS Pharmacy, Trustar Bank, Starbucks, Subway, Long & Foster | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hampshire Langley | Takoma Park, MD | 131,700 | 1972 (1979) | 9.9 | 99 | % | 100 | % | 100 | % | 100 | % | 100 | % | Mega Mart, Starbucks, Chuck E. Cheese's, Sardi's Chicken, Capital One Bank, Kool Smiles, Wells Fargo | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunt Club Corners | Apopka, FL | 107,103 | 2006 | 13.9 | 100 | % | 100 | % | 93 | % | 93 | % | 93 | % | Publix, Pet Supermarket, Boost Mobile | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Jamestown Place | Altamonte Springs, FL | 96,201 | 2005 | 10.9 | 100 | % | 100 | % | 93 | % | 95 | % | 95 | % | Publix, Carrabas Italian Grill, Orlando Health | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square I | Gaithersburg, MD | 116,731 | 2002 | 11.5 | 100 | % | 100 | % | 98 | % | 98 | % | 100 | % | Lowe's Home Improvement Center, Chipotle | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of September 30, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2020 | 2019 | 2018 | 2017 | 2016 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square II and Kentlands Pad | Gaithersburg, MD | 253,052 | 2011 | 23.4 | 97 | % | 96 | % | 98 | % | 99 | % | 100 | % | Giant Food, At Home, Party City, Panera Bread, Not Your Average Joe's, Hallmark, Chick-Fil-A, Coal Fire Pizza, Cava Mezza Grill | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Place | Gaithersburg, MD | 40,697 | 2005 | 3.4 | 75 | % | 93 | % | 93 | % | 93 | % | 100 | % | Bonefish Grill | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lansdowne Town Center | Leesburg, VA | 196,817 | 2006 | 23.4 | 90 | % | 92 | % | 91 | % | 96 | % | 85 | % | Harris Teeter, CVS Pharmacy, Panera Bread, Starbucks, Capital One Bank, Ford's Oyster House, Fusion Learning, Chick-Fil-A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leesburg Pike Plaza | Baileys Crossroads, VA | 97,752 | 1966 (1982/95) | 9.4 | 93 | % | 85 | % | 99 | % | 95 | % | 95 | % | CVS Pharmacy, Party Depot, FedEx Office, Capital One Bank, Five Guys | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lumberton Plaza | Lumberton, NJ | 192,718 | 1975 (1992/96) | 23.3 | 68 | % | 68 | % | 86 | % | 84 | % | 91 | % | Aldi, Rite Aid, Family Dollar, Retro Fitness, Big Lots, Pet Valu, Burger King | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro Pike Center | Rockville, MD | 67,488 | 2010 | 4.6 | 85 | % | 64 | % | 67 | % | 71 | % | 69 | % | McDonald's, Dunkin Donuts, 7-Eleven, Palm Beach Tan, Mattress Warehouse, Salvation Army | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Monocacy | Frederick, MD | 111,316 | 2004 | 13.0 | 97 | % | 95 | % | 99 | % | 100 | % | 100 | % | Giant Food, Panera Bread, Five Guys, California Tortilla, Firehouse Subs, Comcast | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Northrock | Warrenton, VA | 100,032 | 2009 | 15.4 | 94 | % | 100 | % | 99 | % | 99 | % | 95 | % | Harris Teeter, Longhorn Steakhouse, Ledo's Pizza, Capital One Bank, Novant Health | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Olde Forte Village | Ft. Washington, MD | 143,577 | 2003 | 16.0 | 92 | % | 96 | % | 98 | % | 99 | % | 97 | % | Safeway, Advance Auto Parts, Dollar Tree, McDonald's, Wendy's, Ledo's Pizza | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Olney | Olney, MD | 53,765 | 1975 (1990) | 3.7 | 92 | % | 93 | % | 96 | % | 94 | % | 91 | % | Walgreens, Olney Grille, Ledo's Pizza, Popeye's, Sardi's Fusion | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Park | Dunwoody, GA | 87,365 | 2007 | 10.5 | 99 | % | 99 | % | 100 | % | 100 | % | 97 | % | Kroger, Subway, Jett Ferry Dental | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm Springs Center | Altamonte Springs, FL | 126,446 | 2005 | 12.0 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Publix, Duffy's Sports Grill, Toojay's Deli, The Tile Shop, Rockler Tools, Humana Health, Sola Salons | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ravenwood | Baltimore, MD | 93,328 | 1972 (2006) | 8.0 | 97 | % | 97 | % | 97 | % | 100 | % | 100 | % | Giant Food, Dominos, Bank of America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
11503 Rockville Pk / 5541 Nicholson Ln | Rockville, MD | 40,249 | 2010 / 2012 | 3.0 | 61 | % | 61 | % | 61 | % | 61 | % | 63 | % | Dr. Boyd's Pet Resort, Metropolitan Emergency Animal Clinic | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1500/1580/1582/1584 Rockville Pike | Rockville, MD | 110,128 | 2012/2014 | 10.3 | 87 | % | 97 | % | 93 | % | 96 | % | 87 | % | Party City, CVS Pharmacy, Danker Furniture | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Seabreeze Plaza | Palm Harbor, FL | 146,673 | 2005 | 18.4 | 96 | % | 99 | % | 99 | % | 98 | % | 98 | % | Publix, Earth Origins Health Food, Petco, Planet Fitness, Vision Works | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace at Sea Colony | Bethany Beach, DE | 21,677 | 2008 | 5.1 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Resort Quest, Armand's Pizza, Candy Kitchen, Summer Salts, Fin's Alehouse | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Corners | Falls Church, VA | 573,481 | 1973 (1994-7/07) | 31.6 | 97 | % | 97 | % | 100 | % | 100 | % | 100 | % | The Home Depot, Giant Food, Michaels Arts & Crafts, Barnes & Noble, Ross Dress For Less, Ski Chalet, Off-Broadway Shoes, JoAnn Fabrics, Starbucks, Dogfish Head Ale House, Red Robin Gourmet Burgers, Chipotle, Wendy's, Burlington Coat Factory, Mattress Warehouse, J. P. Morgan Chase | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Severna Park Marketplace | Severna Park, MD | 254,011 | 2011 | 20.6 | 89 | % | 100 | % | 100 | % | 100 | % | 98 | % | Giant Food, Kohl's, Office Depot, Goodyear, Chipotle, McDonald's, Five Guys, Unleashed (Petco), Jersey Mike's, Bath & Body Works, Wells Fargo. MOD Pizza | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of September 30, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2020 | 2019 | 2018 | 2017 | 2016 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Fairfax | Fairfax, VA | 68,762 | 1975 (1993/99) | 6.7 | 97 | % | 98 | % | 100 | % | 97 | % | 97 | % | 99 Ranch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Smallwood Village Center | Waldorf, MD | 173,341 | 2006 | 25.1 | 75 | % | 77 | % | 78 | % | 83 | % | 69 | % | Safeway, CVS Pharmacy, Family Dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southdale | Glen Burnie, MD | 485,628 | 1972 (1986) | 39.8 | 98 | % | 97 | % | 99 | % | 98 | % | 98 | % | The Home Depot, Michaels Arts & Crafts, Marshalls, PetSmart, Value City Furniture, Athletic Warehouse, Starbucks, Gallo Clothing, Office Depot, The Tile Shop, Mercy Health Care, Massage Envy, Potbelly, Capital One Bank, Chipotle, Banfield Pet Hospital, Glory Days Grill, Bank of America, Roses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southside Plaza | Richmond, VA | 371,761 | 1972 | 32.8 | 97 | % | 92 | % | 92 | % | 91 | % | 91 | % | Super Fresh, Citi Trends, City of Richmond, McDonald's, Burger King, Kool Smiles, Crafty Crab | |||||||||||||||||||||||||||||||||||||||||||||||||||||
South Dekalb Plaza | Atlanta, GA | 163,418 | 1976 | 14.6 | 87 | % | 87 | % | 91 | % | 89 | % | 88 | % | Big Lots, Emory Clinic, Roses, Deal $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Thruway | Winston-Salem, NC | 365,816 | 1972 (1997) | 31.5 | 92 | % | 92 | % | 96 | % | 96 | % | 98 | % | Harris Teeter, Trader Joe's, Stein Mart, Talbots, Hanes Brands, Jos. A. Bank, Chico's, Loft, FedEx Office, Plow & Hearth, New Balance, Aveda Salon, Carter's Kids, McDonald's, Chick-Fil-A, Wells Fargo Bank, Francesca's Collections, Great Outdoor Provision Company, White House / Black Market, Soma, J. Crew, Chop't, Lululemon, Orange Theory, Athleta | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Village Center | Centreville, VA | 145,651 | 1990 | 17.2 | 88 | % | 98 | % | 98 | % | 98 | % | 95 | % | Giant Food, Starbucks, McDonald's, Pet Supplies Plus, Bikram Yoga, Capital One Bank, Truist Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Westview Village | Frederick, MD | 101,058 | 2009 | 11.6 | 99 | % | 97 | % | 95 | % | 95 | % | 100 | % | Silver Diner, Sleepy's, Music & Arts, Firehouse Subs, CiCi's Pizza, Café Rio, Five Guys, Regus, Krispy Kreme, Wendy's | |||||||||||||||||||||||||||||||||||||||||||||||||||||
White Oak | Silver Spring, MD | 480,676 | 1972 (1993) | 27.9 | 100 | % | 99 | % | 99 | % | 99 | % | 100 | % | Giant Food, Sears, Walgreens, Sarku Japan | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Shopping Centers | (3) | 7,876,842 | 766.9 | 94.5 | % | 95.2 | % | 95.7 | % | 95.6 | % | 95.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of September 30, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2020 | 2019 | 2018 | 2017 | 2016 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenel Business Park | Gaithersburg, MD | 390,683 | 1981-2000 | 37.1 | 94 | % | 90 | % | 84 | % | 86 | % | 85 | % | General Services Administration, Gene Dx, Inc., American Type Culture Collection, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center-North Block | Arlington, VA | 108,386 | 2010 | 0.6 | 83 | % | 89 | % | 100 | % | 100 | % | 99 | % | AT&T Mobility, Dunkin Donuts, Airlines Reporting Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center-South Block | Arlington, VA | 104,894 | 2010 | 1.3 | 96 | % | 97 | % | 97 | % | 100 | % | 100 | % | Trader Joe's, Circa, Burke & Herbert Bank, Bracket Room, South Block Blends, Winston Partners, Keppler Speakers Bureau, ECG Management Co., Leadership Institute, Capital One Bank, Massage Envy | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center Residential-South Block (244 units) | Arlington, VA | 188,671 | 2010 | 94 | % | 97 | % | 95 | % | 96 | % | 97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness- Residential (271 units) | Washington, DC | 214,600 | 2016 | 1.4 | 94 | % | 99 | % | 96 | % | 94 | % | 61 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness-Retail | Washington, DC | 8,847 | 2016 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Uptown Market, Sfoglina Pasta House | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
601 Pennsylvania Ave. | Washington, DC | 227,651 | 1973 (1986) | 1.0 | 94 | % | 94 | % | 98 | % | 100 | % | 99 | % | National Gallery of Art, American Assn. of Health Plans, Credit Union National Assn., Southern Company, Regus, Capital Grille, Michael Best & Friedrich LLP | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington Square | Alexandria, VA | 236,376 | 1975 (2000) | 2.0 | 81 | % | 91 | % | 91 | % | 93 | % | 89 | % | Academy of Managed Care Pharmacy, Cooper Carry, National PACE Association, Marketing General, Trader Joe's, FedEx Office, Talbots, Virginia ABC | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Waycroft-Residential (491 units) | Arlington, VA | 404,709 | 2020 | 2.8 | 52 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Waycroft-Retail | Arlington, VA | 60,100 | 2020 | 90 | % | N/A | N/A | N/A | N/A | Target, Enterprise Rent-A-Car | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Mixed-Use Properties | (3) | 1,944,917 | 46.2 | 90.3 | % | 91.9 | % | 91.7 | % | 93.4 | % | 91.9 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio | (3) | 9,821,759 | 813.1 | 94.0 | % | 94.8 | % | 95.2 | % | 95.5 | % | 95.3 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and Development Parcels | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7316 Wisconsin Avenue | Bethesda, MD | 2018 | 0.6 | Planned development of a mixed-use building with up to 366 apartment units and 10,300 square feet of retail space. Demolition of existing interior improvements is complete. A development timetable has not been determined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashland Square Phase II | Manassas, VA | 2004 | 17.3 | Marketing to grocers and other retail businesses, with a development timetable yet to be finalized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Market | New Market, MD | 2005 | 35.5 | Parcel will accommodate retail development in excess of 120,000 SF near I-70, east of Frederick, Maryland. A development timetable has not been determined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Development Properties | 53.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Percentage leased is a percentage of rentable square feet leased for commercial space and a percentage of units leased for apartments. Includes only operating properties owned as of September 30, 2020. As such, prior year totals do not agree to prior year tables. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Total percentage leased is for commercial space only. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Prior year leased percentages for Total Shopping Centers, Total Mixed-Use Properties and Total Portfolio have been recalculated to exclude the impact of properties sold or removed from service and, therefore, the percentages reported in this table may be different than the percentages previously reported. |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 23,358,208 | 23,231,240 |
Common stock, shares outstanding (in shares) | 23,358,208 | 23,231,240 |
Series D Cumulative Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock, shares issued (in shares) | 30,000,000 | 30,000,000 |
Cumulative redeemable preferred stock, shares outstanding (in shares) | 30,000,000 | 30,000,000 |
Series E Cumulative Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock, shares issued (in shares) | 44,000,000 | 44,000,000 |
Cumulative redeemable preferred stock, shares outstanding (in shares) | 44,000,000 | 44,000,000 |
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
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Revenue | ||||
Rental revenue | $ 55,749 | $ 55,487 | $ 163,167 | $ 168,242 |
Other | 1,011 | 1,565 | 3,756 | 6,701 |
Total revenue | 56,760 | 57,052 | 166,923 | 174,943 |
Expenses | ||||
Property operating expenses | 7,416 | 7,525 | 20,862 | 22,641 |
Real estate taxes | 7,523 | 7,114 | 22,027 | 21,081 |
Interest expense, net and amortization of deferred debt costs | 12,398 | 10,325 | 34,011 | 32,185 |
Depreciation and amortization of deferred leasing costs | 13,713 | 12,018 | 37,593 | 35,185 |
General and administrative | 4,107 | 4,742 | 13,790 | 14,696 |
Total expenses | 45,157 | 41,724 | 128,283 | 125,788 |
Net Income | 11,603 | 15,328 | 38,640 | 49,155 |
Noncontrolling interests | ||||
Income attributable to noncontrolling interests | (2,236) | (3,102) | (7,681) | (10,250) |
Net income attributable to Saul Centers, Inc. | 9,367 | 12,226 | 30,959 | 38,905 |
Preferred stock dividends | (2,798) | (3,210) | (8,394) | (9,116) |
Net income available to common stockholders | $ 6,569 | $ 9,016 | $ 22,565 | $ 29,789 |
Per share net income available to common stockholders | ||||
Basic and diluted (in usd per share) | $ 0.28 | $ 0.39 | $ 0.97 | $ 1.30 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 11,603 | $ 15,328 | $ 38,640 | $ 49,155 |
Other comprehensive income | ||||
Change in unrealized loss on cash flow hedge | 0 | 55 | 0 | (118) |
Total comprehensive income | 11,603 | 15,383 | 38,640 | 49,037 |
Comprehensive income attributable to noncontrolling interests | (2,236) | (3,117) | (7,681) | (10,220) |
Total comprehensive income attributable to Saul Centers, Inc. | 9,367 | 12,266 | 30,959 | 38,817 |
Preferred stock dividends | (2,798) | (3,210) | (8,394) | (9,116) |
Total comprehensive income available to common stockholders | $ 6,569 | $ 9,056 | $ 22,565 | $ 29,701 |
Organization, Basis of Presentation |
9 Months Ended |
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Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation | Organization, Basis of Presentation Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors, Chief Executive Officer and President of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of September 30, 2020, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and three (non-operating) development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants. As of September 30, 2020, 33 of the Shopping Centers were anchored by a grocery store and offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 5.4% of the Company's total revenue for the nine months ended September 30, 2020. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the nine months ended September 30, 2020. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of September 30, 2020 and December 31, 2019, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity ("VIE") because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 74.6% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
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Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019 have not changed significantly in amount or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable primarily represent amounts currently due from tenants in accordance with the terms of their respective leases. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, which is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. At September 30, 2020 and December 31, 2019, accounts receivable was comprised of:
Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amended the accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 became effective for annual periods beginning after December 15, 2018, interim periods within those years, and required a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. Upon adoption of ASU 2016-02 effective January 1, 2019, we elected the practical expedient for all leases with respect to lease identification, lease classification, and initial direct costs. We made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. There were no significant changes to our lessor accounting for operating leases as a result of ASU 2016-02. We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from to 15 years. Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. On January 1, 2019, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets and other liabilities, respectively. The lease expires on February 28, 2022, with one option to renew for an additional five years. The right of use asset and corresponding lease liability totaled $1.1 million and $1.1 million, respectively, at September 30, 2020. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses" ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those years. The adoption of ASU 2016-13 effective January 1, 2020, did not have a material impact on our consolidated financial statements and related disclosures because the vast majority of the Company's receivables relate to operating leases which are accounted for under ASC 842, "Leases." Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the nine months ended September 30, 2020.
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Real Estate |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. During the nine months ended September 30, 2020, assets totaling $284.7 million were placed in service in conjunction with the substantial completion of The Waycroft and Ashbrook Marketplace. Construction in progress as of September 30, 2020 and December 31, 2019, is composed of the following:
Deferred Leasing Costs Deferred leasing costs consist of commissions paid to third-party and internal leasing agents, internal costs such as payroll-related fringe benefits that are direct and incremental to successful commercial leases, amounts attributed to in-place leases associated with acquired properties and lease inducement costs. Effective with the adoption of ASU 2016-02 on January 1, 2019, all costs incurred prior to the execution of a lease are charged to expense and not capitalized. Unamortized deferred leasing costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Deferred leasing costs are amortized over the term of the lease or remaining term of acquired leases. Collectively, deferred leasing costs totaled $27.5 million and $24.1 million, net of accumulated amortization of $43.8 million and $41.6 million, as of September 30, 2020 and December 31, 2019, respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled $4.0 million and $4.5 million for the nine months ended September 30, 2020 and 2019, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $33.6 million and $30.7 million for the nine months ended September 30, 2020 and 2019, respectively. Repairs and maintenance expense totaled $8.0 million and $9.7 million for the nine months ended September 30, 2020 and 2019, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. As of September 30, 2020, we have not identified any impairment triggering events, including the impact of COVID-19 and corresponding tenant requests for rent relief. Therefore, under applicable GAAP guidance, no impairment charges were recorded.
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Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership |
9 Months Ended |
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Sep. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership | Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership As of September 30, 2020, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members (collectively, the “Saul Organization”) holds a 25.4% limited partnership interest in the Operating Partnership represented by approximately 7.9 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers (the “Equity Securities”). As of September 30, 2020, approximately 3.0 million units could be converted into shares of Saul Centers common stock. The impact of the Saul Organization’s approximately 25.4% limited partnership interest in the Operating Partnership is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Fully converted partnership units and diluted weighted average common stock outstanding for the three months ended September 30, 2020 and 2019, were approximately 31.3 million and 31.0 million, respectively, and for the nine months ended September 30, 2020 and 2019, were approximately 31.2 million and 30.8 million, respectively.
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Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs | Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs The principal amount of the Company’s outstanding debt totaled approximately $1.2 billion at September 30, 2020, of which approximately $986.0 million was fixed-rate debt and approximately $199.5 million was variable rate debt outstanding under the credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.2 billion as of September 30, 2020. At September 30, 2020, the Company had a $400.0 million credit facility comprised of a $325.0 million revolving facility and a $75.0 million term loan. As of September 30, 2020, the applicable spread for borrowings was 140 basis points under the revolving credit facility and 135 basis points under the term loan. Letters of credit may be issued under the revolving credit facility. As of September 30, 2020, based on the value of the Company’s unencumbered properties, approximately $200.3 million was available under the revolving credit facility, $124.5 million was outstanding and approximately $185,000 was committed for letters of credit. On February 10, 2020, the Company repaid in full the remaining principal balance of $9.2 million of the mortgage loan secured by Boca Valley Plaza, which was scheduled to mature on May 10, 2020. On March 3, 2020, the Company repaid in full the remaining principal balance of $7.1 million of the mortgage loan secured by Palm Springs Center, which was scheduled to mature on June 1, 2020. In March and April, 2020, the Company borrowed $71.0 million under its revolving credit facility to provide additional liquidity and flexibility as the effects of the COVID-19 pandemic continue to evolve. On July 14, 2020, the Company closed on a 15-year, non-recourse $22.1 million mortgage loan secured by Ashbrook Marketplace. The loan matures in 2035, bears interest at a fixed rate of 3.80%, requires monthly principal and interest payments of $114,226 based on a 25-year amortization schedule and requires a final payment of $11.5 million at maturity. The proceeds from the loan were used to pay down the revolving credit facility. On July 24, 2020, the Company closed on a 15-year, non-recourse $30.0 million mortgage loan secured by Kentlands Place and Kentlands Square I. The loan matures in 2035, bears interest at a fixed rate of 3.43%, requires monthly principal and interest payments of $149,064 based on a 25-year amortization schedule and requires a final payment of $15.3 million at maturity. The proceeds from the loan were used to pay down the revolving credit facility. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the credit facility. The Operating Partnership is the guarantor of (a) a portion of the Park Van Ness mortgage (approximately $6.7 million of the $66.8 million outstanding balance at September 30, 2020, which guarantee will be reduced to (i) $3.3 million on October 1, 2020 and (ii) zero on October 1, 2021), (b) a portion of the Broadlands mortgage (approximately $3.8 million of the $30.7 million outstanding balance at September 30, 2020), (c) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $25.5 million outstanding balance at September 30, 2020), (d) a portion of The Waycroft mortgage (approximately $23.6 million of the $143.1 million outstanding balance at September 30, 2020), (e) the Ashbrook Marketplace mortgage (totaling $22.1 million at September 30, 2020), and (f) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $29.9 million at September 30, 2020). All other notes payable are non-recourse. The guarantee on the Kentlands Square II mortgage loan was released on February 5, 2020. At December 31, 2019, the principal amount of the Company’s outstanding debt totaled approximately $1.1 billion, of which $938.4 million was fixed rate debt and $162.5 million was variable rate debt, including $87.5 million outstanding under an unsecured revolving credit facility. The carrying value of the properties collateralizing the notes payable totaled approximately $1.1 billion as of December 31, 2019. At September 30, 2020, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(a) Includes $124.5 million outstanding under the revolving credit facility. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the credit facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaled $9.7 million and $9.7 million, net of accumulated amortization of $8.3 million and $7.5 million, at September 30, 2020 and December 31, 2019, respectively, and are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2020 and 2019, were as follows:
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Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity The consolidated statements of operations for the nine months ended September 30, 2020 and 2019, reflect noncontrolling interests of $7.7 million and $10.3 million, respectively, representing income attributable to the Saul Organization for each period. At September 30, 2020, the Company had outstanding 3.0 million depositary shares, each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock (the "Series D Stock"). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after January 23, 2023, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.53125 per share, equivalent to 6.125% of the $25.00 liquidation preference. The Series D Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. At September 30, 2020, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends to but not including the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Chairman, Chief Executive Officer and President, the Executive Vice President-Real Estate, the Executive Vice President-Chief Legal and Administrative Officer and the Senior Vice President-Chief Accounting Officer of the Company are also officers of various members of the Saul Organization and their management time is shared with the Saul Organization. Their annual compensation is fixed by the Compensation Committee of the Board of Directors, with the exception of the Senior Vice President-Chief Accounting Officer whose share of annual compensation allocated to the Company is determined by the shared services agreement (described below). The Company participates in a multiemployer 401K plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. Company contributions, which are included in general and administrative expense or property operating expenses in the Consolidated Statements of Operations, at the discretionary amount of up to six percent of the employee’s cash compensation, subject to certain limits, were $255,200 and $264,300 for the nine months ended September 30, 2020 and 2019, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the nine months ended September 30, 2020 and 2019, the Company credited to employee accounts $164,800 and $186,300, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $2.8 million and $3.1 million, at September 30, 2020 and December 31, 2019, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company has entered into a shared services agreement (the “Agreement”) with the Saul Organization that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board of Directors, which consists entirely of independent directors. Billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the nine months ended September 30, 2020 and 2019, which included rental expense for the Company’s headquarters lease, totaled approximately $6.0 million and $6.4 million, net, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of September 30, 2020 and December 31, 2019, accounts payable, accrued expenses and other liabilities included approximately $659,000 and $918,700, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company has entered into a shared third-party predevelopment cost agreement (the “Predevelopment Agreement”) with the B. F. Saul Real Estate Investment Trust (the “Trust”). The Predevelopment Agreement relates to the sharing of third-party predevelopment costs incurred in connection with the planning of the future redevelopment of certain adjacent real estate assets in the Twinbrook area of Rockville, Maryland. The costs will be shared on a pro rata basis based on the acreage owned by each entity and neither party is obligated to advance funds to the other. On November 5, 2019, the Company entered into an agreement (the "Contribution Agreement") to acquire from the Trust, approximately 6.8 acres of land and its leasehold interest in approximately 1.3 acres of contiguous land, together in each case with the improvements located thereon, located at the Twinbrook Metro Station in Rockville, Maryland (the “Contributed Property”). In exchange for the Contributed Property, the Company will issue to the Trust 1,416,071 limited partnership units at an agreed upon value of $56.00 per unit, representing an aggregate value of $79.3 million for the Contributed Property. Deed to the Contributed Property and the units were placed in escrow until certain conditions of the Contribution Agreement are satisfied. In August 2016, the Company entered into an agreement to acquire from the Trust approximately 13.7 acres of land located at the intersection of Ashburn Village Boulevard and Russell Branch Parkway in Ashburn, Virginia. The transaction closed on May 9, 2018, and the Company issued 176,680 limited partnership units to the Trust. The Company constructed a shopping center, Ashbrook Marketplace, and may be obligated to issue additional limited partnership units to the Trust in the second quarter of 2021. As of September 30, 2020, the Company estimates this obligation to range in value from $3.2 million to $3.5 million, based on projected net operating income of Ashbrook Marketplace for the 12 months ending May 31, 2021. The Company subleases its corporate headquarters space from a member of the Saul Organization. The lease commenced in March 2002, expires in 2022, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $609,200 and $593,500 for the nine months ended September 30, 2020 and 2019, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $320,300 and $284,900 for the nine months ended September 30, 2020 and 2019, respectively.
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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors | Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the "Plan"), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of the grant using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries, which replaced a previous Deferred Compensation and Stock Plan for Directors. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the nine months ended September 30, 2020, 7,969 shares were credited to director's deferred fee accounts and 7,354 shares were issued. As of September 30, 2020, the director's deferred fee accounts comprise 115,023 shares. Effective April 24, 2020, the Company granted 238,000 options to its directors and certain officers. The following table summarizes the assumptions used in the valuation of the 2020 and 2019 option grants. During the nine months ended September 30, 2020, stock option expense totaling $969,200 was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2020, the estimated future expense related to unvested stock options was $1.9 million.
The table below summarizes the option activity for the nine months ended September 30, 2020:
The intrinsic value measures the price difference between the options’ exercise price and the closing share price quoted by the New York Stock Exchange as of the date of measurement. The intrinsic value for shares exercised during the period was calculated by using the closing share price on the date of exercise. At September 30, 2020, the final trading day of the third quarter, the closing share price of $26.58 was lower than the exercise price of all outstanding options. The weighted average remaining contractual life of the Company’s outstanding and exercisable options is 5.2 years and 5.5 years, respectively. The Compensation Committee has also approved an annual award of 200 shares of the Company’s common stock as additional compensation to each director serving on the Board of Directors as of the date of the annual meeting of stockholders. The issuance of these shares may not be deferred.
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Fair Value of Financial Instruments |
9 Months Ended |
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Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 3 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed-rate financing and, assuming long-term market interest rates of approximately 3.25% and 3.55%, would be approximately $1.0 billion and $957.4 million, respectively, compared to the principal balance of $986.0 million and $938.4 million at September 30, 2020 and December 31, 2019, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt. |
Commitments and Contingencies |
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Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesNeither the Company nor the current portfolio properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the current portfolio properties. |
Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a range of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2020 presentation.
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Impact of COVID-19 |
9 Months Ended |
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Sep. 30, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Impact of COVID-19 | Impact of COVID-19 On March 11, 2020, the World Health Organization declared a novel strain of coronavirus ("COVID-19") a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result, the COVID-19 pandemic is negatively affecting almost every industry directly or indirectly. The actions taken by federal, state and local governments to mitigate the spread of COVID-19 by ordering closure of nonessential businesses and ordering residents to generally stay at home, and subsequent phased re-openings, have resulted in many of our tenants announcing mandated or temporary closures of their operations and/or requesting adjustments to their lease terms. Experts predict that the COVID-19 pandemic will trigger a period of global economic slowdown or a global recession. COVID-19 could have a material and adverse effect on or cause disruption to our business or financial condition, results from operations, cash flows and the market value and trading price of our securities. While the Company’s grocery stores, pharmacies, banks and home improvement stores generally remain open, restaurants, if open, are operating at limited capacity, with many offering only delivery and curbside pick-up, and most health, beauty supply and services, fitness centers, and other non-essential businesses are in various phases of re-opening depending on location. The Company is generally not charging late fees or delinquent interest on past due rent payments and, in many cases, rent deferral agreements are being negotiated to allow tenants temporary relief where needed. As of November 3, 2020, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 83% and 91% for the second quarter and third quarter, respectively. The following is a summary of the Company's consolidated total collections of the second quarter and third quarter rent billings, including minimum rent, operating expense recoveries, and real estate tax reimbursements as of November 3, 2020: 2020 second quarter •83% of 2020 second quarter total billings has been paid by our tenants. ▪79% of retail ▪95% of office ▪100% of residential ▪Additionally, rent deferral agreements comprising approximately 11% of 2020 second quarter total billings have been executed (or 67% of the total unpaid balance) including 4% with anchor/national tenants. The executed deferrals typically cover three months of rent and are generally scheduled to be repaid during 2021 and 2022. As a condition to granted rent deferrals, we have sought, and in some cases received, extended lease terms, or waivers of certain adjacent use or common area restrictions. Through October 31, 2020, 3% of second quarter deferred rents have come due. Of the deferred rents that have come due, the majority have been repaid. 2020 third quarter •91% of 2020 third quarter total billings has been paid by our tenants. ▪89% of retail ▪95% of office ▪100% of residential ▪Additionally, rent deferral agreements comprising approximately 2% of 2020 third quarter total billings have been executed (or 24% of the total unpaid balance) including 1% with anchor/national tenants. The executed deferrals typically cover three months of rent and are generally scheduled to be repaid during 2021 and 2022. As a condition to granted rent deferrals, we have sought, and and in some cases received, extended lease terms, or waivers of certain adjacent use or common area restrictions. Through October 31, 2020, no third quarter deferred rents have come due.
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has reviewed operating activities for the period subsequent to September 30, 2020, and determined there are no subsequent events required to be disclosed. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of September 30, 2020, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and three (non-operating) development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. A majority of the Shopping Centers are anchored by one or more major tenants.
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Principles of Consolidation | The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Operating Partnership and Subsidiary Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of September 30, 2020 and December 31, 2019, are comprised of the assets and liabilities of the Operating Partnership. The debt arrangements which are subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. |
Consolidation, Variable Interest Entity | The Operating Partnership is a variable interest entity ("VIE") because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 74.6% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. |
Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2019, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates.
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Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts | Accounts Receivable, Accrued Income and Allowance for Doubtful AccountsAccounts receivable primarily represent amounts currently due from tenants in accordance with the terms of their respective leases. Individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, which is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (‘‘FASB’’) issued Accounting Standards Update (‘‘ASU’’) 2016-02, ‘‘Leases’’ (“ASU 2016-02”). ASU 2016-02 amended the accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 became effective for annual periods beginning after December 15, 2018, interim periods within those years, and required a modified retrospective transition approach for all leases existing at the date of initial application, with an option to use certain practical expedients for those existing leases. Upon adoption of ASU 2016-02 effective January 1, 2019, we elected the practical expedient for all leases with respect to lease identification, lease classification, and initial direct costs. We made a policy election not to separate lease and nonlease components and have accounted for each lease component and the related nonlease components together as a single component. There were no significant changes to our lessor accounting for operating leases as a result of ASU 2016-02. We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly payments that cover rent, and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from to 15 years. Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. On January 1, 2019, a right of use asset and corresponding lease liability related to our headquarters lease were recorded in other assets and other liabilities, respectively. The lease expires on February 28, 2022, with one option to renew for an additional five years. The right of use asset and corresponding lease liability totaled $1.1 million and $1.1 million, respectively, at September 30, 2020. Due to the business disruptions and challenges severely affecting the global economy caused by the novel strain of coronavirus (“COVID-19”) pandemic, many lessees have requested rent relief, including rent deferrals and other lease concessions. The lease modification guidance in ASU 2016-02 does not contemplate the rapid execution of concessions for multiple tenants in response to sudden liquidity constraints of lessees. In April 2020, the FASB staff issued a question and answer document that provided guidance allowing the Company to elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. The Company has elected to apply such relief, which, in the case of rent deferrals, results in the accrual of rent due from tenants and defers the payment of that rent to a future date, and will monitor the collectability of rent receivables. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses" ("ASU 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to support credit loss estimates. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those years. The adoption of ASU 2016-13 effective January 1, 2020, did not have a material impact on our consolidated financial statements and related disclosures because the vast majority of the Company's receivables relate to operating leases which are accounted for under ASC 842, "Leases."
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Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used for the nine months ended September 30, 2020.
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Summary of Significant Accounting Policies - (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable | At September 30, 2020 and December 31, 2019, accounts receivable was comprised of:
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Real Estate - (Tables) |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Construction in Progress | Construction in progress as of September 30, 2020 and December 31, 2019, is composed of the following:
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Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Debt, Including Scheduled Principal Amortization | At September 30, 2020, the scheduled maturities of debt, including scheduled principal amortization, for years ending December 31, were as follows:
(a) Includes $124.5 million outstanding under the revolving credit facility.
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Interest Expense and Amortization of Deferred Debt Costs | Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2020 and 2019, were as follows:
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Equity Weighted Average Shares Outstanding (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and dilutive, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company's common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution.
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Stock Option Plans (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options Issued | The following table summarizes the assumptions used in the valuation of the 2020 and 2019 option grants. During the nine months ended September 30, 2020, stock option expense totaling $969,200 was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2020, the estimated future expense related to unvested stock options was $1.9 million.
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Summary of Option Activity | The table below summarizes the option activity for the nine months ended September 30, 2020:
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Business Segments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments |
|
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
Jan. 01, 2019
lease_option
|
---|---|---|
Significant Accounting Policies [Line Items] | ||
Right-of-use asset | $ 1.1 | |
Operating lease liability | $ 1.1 | |
Corporate Headquarters | ||
Significant Accounting Policies [Line Items] | ||
Number of options to extend lease | lease_option | 1 | |
Lease renewal term | 5 years | |
Minimum | ||
Significant Accounting Policies [Line Items] | ||
Operating lease term of contract | 1 year | |
Maximum | ||
Significant Accounting Policies [Line Items] | ||
Operating lease term of contract | 15 years |
Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for doubtful accounts | $ (4,919) | $ (453) |
Total | 65,701 | 52,311 |
Rents currently due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | 14,553 | 7,235 |
Deferred rents | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | 6,783 | 474 |
Straight-line rent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | 44,266 | 42,088 |
Other receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, before allowance for doubtful accounts | $ 5,018 | $ 2,967 |
- Real Estate Transactions - Narrative (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Real Estate [Line Items] | |||
Assets placed in service | $ 2,117,481,000 | $ 2,081,597,000 | |
Deferred leasing costs, net | 27,468,000 | 24,083,000 | |
Accumulated amortization deferred leasing cost | 43,800,000 | $ 41,600,000 | |
Depreciation expense | 33,600,000 | $ 30,700,000 | |
Repairs and maintenance expense | 8,000,000.0 | 9,700,000 | |
Impairment of real estate | $ 0 | ||
Building | Minimum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 35 years | ||
Building | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 50 years | ||
Building Improvements | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life (in years) | 20 years | ||
Lease Acquisition Costs | |||
Real Estate [Line Items] | |||
Amortization of intangible assets | $ 4,000,000.0 | $ 4,500,000 | |
The Waycroft and Ashbrook Marketplace | |||
Real Estate [Line Items] | |||
Assets placed in service | $ 284,700,000 |
Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Real Estate [Line Items] | ||
Construction in progress | $ 74,476 | $ 335,644 |
The Waycroft | ||
Real Estate [Line Items] | ||
Construction in progress | 8,567 | 255,443 |
7316 Wisconsin Avenue | ||
Real Estate [Line Items] | ||
Construction in progress | 49,629 | 44,638 |
Ashbrook Marketplace | ||
Real Estate [Line Items] | ||
Construction in progress | 3,727 | 19,128 |
Other | ||
Real Estate [Line Items] | ||
Construction in progress | $ 12,553 | $ 16,435 |
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership (Details) - Noncontrolling Interests shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
shares
|
Sep. 30, 2019
shares
|
Sep. 30, 2020
shares
|
Sep. 30, 2019
shares
|
|
Noncontrolling Interest [Line Items] | ||||
Limited partnership units (in shares) | 7.9 | 7.9 | ||
Limited partnership units, conversion ratio | 1 | 1 | ||
Outstanding stock percent that should be acquired for rights to be exercised | 39.90% | 39.90% | ||
Limited partnership units convertible into shares of common stock, eligible for conversion (in shares) | 3.0 | 3.0 | ||
Fully converted partnership units and diluted weighted average shares outstanding (in shares) | 31.3 | 31.0 | 31.2 | 30.8 |
Saul Holdings Limited Partnership | ||||
Noncontrolling Interest [Line Items] | ||||
Percentage of ownership interest of noncontrolling interest | 25.40% | 25.40% |
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Balloon Payments | ||
October 1 through December 31, 2020 | $ 0 | |
2021 | 11,012 | |
2022 | 161,002 | |
2023 | 84,225 | |
2024 | 66,164 | |
2025 | 20,363 | |
Thereafter | 566,375 | |
Principal amount | 909,141 | |
Scheduled Principal Amortization | ||
October 1 through December 31, 2020 | 7,453 | |
2021 | 30,323 | |
2021 | 30,984 | |
2022 | 31,447 | |
2023 | 30,815 | |
2024 | 27,823 | |
Thereafter | 117,532 | |
Principal amount | 276,377 | |
Total | ||
October 1 through December 31, 2020 | 7,453 | |
2021 | 41,335 | |
2022 | 191,986 | |
2023 | 115,672 | |
2024 | 96,979 | |
2025 | 48,186 | |
Thereafter | 683,907 | |
Principal amount | 1,185,518 | $ 1,100,000 |
Unamortized deferred debt costs | 9,735 | 9,700 |
Net | 1,175,783 | |
Debt Instrument [Line Items] | ||
Outstanding line of credit | 123,778 | 86,371 |
Unsecured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding line of credit | $ 124,500 | $ 87,500 |
Notes Payable, Revolving Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Debt Disclosure [Abstract] | ||||
Interest incurred | $ 12,933 | $ 13,103 | $ 38,788 | $ 38,972 |
Amortization of deferred debt costs | 402 | 370 | 1,163 | 1,130 |
Capitalized interest | (909) | (3,088) | (5,813) | (7,756) |
Interest expense | 12,426 | 10,385 | 34,138 | 32,346 |
Less: Interest income | 28 | 60 | 127 | 161 |
Interest expense, net and amortization of deferred debt costs | $ 12,398 | $ 10,325 | $ 34,011 | $ 32,185 |
Equity - Per Share Data (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Class of Stock [Line Items] | ||||
Weighted average common stock outstanding-Basic (in shares) | 23,353 | 23,081 | 23,329 | 22,947 |
Effect of dilutive options (in shares) | 0 | 40 | 1 | 46 |
Weighted average common stock outstanding-Diluted (in shares) | 23,353 | 23,121 | 23,330 | 22,993 |
Non-dilutive options | ||||
Class of Stock [Line Items] | ||||
Non-dilutive options (in shares) | 1,516 | 698 | 1,418 | 612 |
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Notes payable, fixed interest rate | 3.25% | 3.55% |
Notes payable, aggregate fair value | $ 1,000.0 | $ 957.4 |
Notes payable, principal balance | $ 986.0 | $ 938.4 |
Business Segments - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
segment
| |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
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